39. MAD – Economy – WEEK 7

Q. Oceans cover 72 percent of the surface of our blue planet and provide a substantial portion of the global population with food and livelihood. Enhancing more than 80 percent of global trade, marine and coastal environments constitute a key resource for economic development. On the basis of the strategic location of the Indian Ocean region, highlight why IORA has emphasised on growing the Blue Economy in a sustainable, inclusive and people centred manner.

What does it mean
Blue Economy refers to Strategic and sustainable use of marine Resources for development of economy and humans.

What is IORA doing about it
Indian Ocean Rim Association (IORA) believes that the objective of the Blue Economy is to promote smart, sustainable and inclusive growth and employment opportunities within the Indian Ocean region’s maritime economic activities.

What is IORA doing about it
The IORA Secretariat has identified the following six priority pillars in the blue economy:
1. Fisheries and Aquaculture
2. Renewable Ocean Energy
3. Seaports and Shipping
4. Offshore Hydrocarbons and Seabed Minerals
5. Marine Biotechnology, Research and Development
6. Tourism

What could be Done
1. Scientifically planned strategy to harness the resources as well as energy.
2. Sustainable use of sea resources based on mutually agreed principles.
3. Synchronising the blue economy with INSTC, so that a multi-modal connectivity could be provided.
4. Project Mausam can also help increase India’s as well as IOR’s soft power in the world.
5. Strengthening of dispute resolution mechanism in IORC
6. Bringing in stringent following of CRZ norms